In our article, we discussed the benefits and potential pitfalls of getting direct purchase insurance. Now that we know what the pros and cons are, you might be wondering where to get it next.

“Get it online”

…is the most obvious answer isn’t it? Turns out getting direct purchase insurance is not as simple as it seems. You might be able to compare direct purchase insurance on compareFIRST, but…that’s about it. That’s where we come in, to give you a heads up. While it seems counter-intuitive on the surface to write about an adviser-less product, we here at fundMyLife believe in empowering consumers so that they can make informed decisions. As such, in this article fundMyLife parses the Life Insurance Association‘s list on where to purchase this plan, and attempts to expand on the list. This list will be full of links 😀

Think of it as a pretty nifty direct purchase insurance guide. Note: this information is accurate as of May 2018.

HSBC Insurance

Note: If you have noticed, HSBC seems like the only bank that sells direct purchase insurance? Yes and no, it’s not the bank itself. HSBC Insurance (Singapore) is a subsidiary, wholly owned by HSBC Insurance (Asia Pacific) Holdings Limited, which is in turn owned by HSBC Holdings. HSBC Holdings is the holding company of the HSBC Group, based in London. Don’t let the layer-cake structure fool you – HSBC Insurance is a certified Tier-1 insurer by MAS.

Out of the ten of the insurance companies examined (excluding FWD and SingLife), you can purchase direct purchase insurance from only four of those insurance companies. It seems like not all insurance companies offer direct purchase insurance via an online portal. In fact, if you really want to buy it you’ll have to trek down to very specific offices from each company. This may explain the low adoption rates of the plans. However, it’s still too early to say if this really reflects consumer sentiments.

Online-first companies

These companies are exclusively online, and reflect a new trend of how life insurance is sold. Advisers are also optional, which explains the competitive pricing.

Conclusion

We hope that our direct purchase insurance guide gave you a better idea of where to get these plans. That said, if you’re considering life insurance, why not consider asking our curated pool of financial advisers first? The financial advisers of fundMyLife were carefully curated to ensure that you’re engaging an awesome professional who won’t let you down.

Been doing lots of research, but not sure who to engage to take the final step? Look no further! fundMyLife connects you to credible and incredible financial advisers privately and anonymously, based on the financial planning questions that you ask. We aim to empower Singaporeans to make financial decisions confidently.

Follow us on our fundMyLife Facebook page to get exciting updates and your dose of finance knowledge! Alternatively, the Insurance Discussion SG Facebook group is a good place to discuss insurance-related topics with fellow Singaporeans.